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Martinsville City FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Martinsville city, Virginia based on real HMDA transaction records.

Loan Details

Martinsville city, VA Benchmarks

FHA averages
Typical Property Value$175,811
Average Down Payment7.1%
Average Interest Rate6.410%
Effective Tax Rate0.81%
Median Tax Paid$760/yr
Tax Growth (Historical)-1.2%
Based on 74 regional loans totaling $11,860,000 (HMDA database).
$
%

$12,483 down · $163,328 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$119 / month

$

Annual premium

$

Per month

%

$69 / month

Estimated Monthly Payment

$1,379/mo

  • Principal & Interest$1,041
  • Property Tax$119
  • Home Insurance$150
  • FHA MIP$69
Amortization · Remaining Balance

Financed Loan Amount

$166,187

Total Interest

$208,428

Total of Payments

$374,614

*Includes financed FHA Upfront MIP of $2,858

Local Market Insights

Martinsville city FHA Mortgage Overview

For Martinsville city homebuyers using an FHA loan, the 7.09% weighted average down payment and 92.91% LTV ratio indicate accessible entry, but mandatory Mortgage Insurance Premiums (MIP) apply for the loan’s life, regardless of equity. This structure suits buyers with sub-620 credit seeking lower upfront costs. The effective property tax rate of 0.81% combined with a -1.2% inflation-adjusted tax shift slightly reduces monthly burdens, enhancing affordability. When evaluating an FHA loan with PMI and taxes in Martinsville city, VA, these figures highlight stable ownership costs for primary residences.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.